Rcapital wins European Turnaround of the Year for Tie Rack / Rolling Luggage

8/06/2016

Jamie Constable, Rcapital’s Chief Executive, accepted the European Turnaround of the Year award from the Turnaround Management Association (TMA) at its European Turnaround Awards ceremony held on 9 June at the Grand Hotel Plaza in Rome.

In its fifth year, the TMA awards recognise the most innovative turnarounds to save or significantly improve a business or shareholder value into the future.

Private investor Rcapital acquired loss making Tie Rack, which included the Rolling Luggage brand, in September 2013.

A period of intense global restructuring ensued, which rescued the Rolling Luggage business from the closure of the Tie Rack store portfolio and then transformed its retail proposition in just twelve months. In February 2015, Rolling Luggage was sold to Samsonite, the world’s largest luggage brand, for €20.3m (£15.7m).

“I am incredibly proud to accept this award on behalf of the Rcapital team and those involved in the turnaround, the success of this investment can be attributed to the winning combination of restructuring and retail skill, teamwork, energy and sheer tenacity throughout a very challenging period. I’d like to take this opportunity to thank everyone for the hard work and dedication that they have shown over the last 3 years, without whom this fantastic achievement would not have been possible.”

Jamie Constable, CEO at Rcapital

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